Ken-Caryl finance director reports stronger-than-expected 2024 balances; debt service fund closed

Finance Director Lauren Sweeney reported that the Ken‑Caryl Metropolitan District closed 2024 with several positive fund balances and that the district has formally closed its 10‑year debt service fund.

Sweeney told the board that a final PMD settlement of $652,000 contributed to a PMD fund balance “just over $1,100,000.” She said the debt service fund was closed at the end of 2024 and that the final property tax distribution of $10,325.88 was transferred to the capital reserve fund for designation toward a future capital project.

Sweeney said the general fund ended the year “just under $2,900,000,” while noting a small number of late vendor invoices still expected to be posted. She told directors she anticipates final adjustments and expects to close the general fund accounting by late February or March.

On revenue, Sweeney reported that 2024 property tax collections totaled about $4.3 million, slightly over budget, and that the 2025 receivable (posted to the first column of the balance sheet) is $4.1 million and aligns with the district’s operating mill levy filed with the county. She also described capital reserve activity in 2024, including community center projects, tennis court lighting replacements and HVAC work, equipment purchases and open‑space trail replacements on South Valley Road.

Sweeney summarized the kickoff to 2025, saying the capital reserve began the year with transferred debt service proceeds, some grant revenue and, per the adopted budget, a transfer from the general fund. During the meeting one director questioned the amount of that transfer; Sweeney initially referenced a $5,000 transfer under the approved budget, and a board member corrected that the transfer was $500,000.

The board did not take separate action on the report; Sweeney answered clarifying questions from directors and closed her presentation.